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Qatar bans First Abu Dhabi Bank from adding new customers

Qatar bans First Abu Dhabi Bank from adding new customers
Qatar Central Bank is investigating alleged plans to devalue its currency
FAB
NBAD
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Abu Dhabi – Mubasher: Qatar banned the UAE-based First Abu Dhabi Bank (FAB) from adding new customers in Doha amid an ongoing regulatory investigation into potential manipulation of the Qatari riyal.

FAB, the UAE’s largest lender, will not be allowed to carry out any regulated activities including taking deposits, providing credit facilities, and arranging deals in investments for new customers, Bloomberg News reported on Sunday, citing a statement by the Qatar Financial Centre Regulatory Authority (QFCRA).

However, the bank will not be banned from providing services to existing customers.

This decision was based on FAB’s failure “to produce an affidavit demonstrating its preservation of documents relevant to an ongoing regulatory investigation into potential manipulation of the Qatari riyal," QFCRA added in the statement.

Qatar Central Bank (QCB) is investigating alleged plans to devalue its currency amid the diplomatic rift between GCC nations and Qatar which pressured the Qatari riyal in the offshore market.